AMBANK (1015) - AMMB confirms Ashok’s resignation
KUALA LUMPUR: AMMB Holdings Bhd (AmBank Group) has confirmed that its group managing director Ashok Ramamurthy will be stepping down as part of a planned transition, reaffirming a report by The Edge Financial Daily yesterday.
In a statement to Bursa Malaysia, the banking group said it has also commenced the process of identifying a replacement for the position.
AmBank Group said Ashok will rejoin his family in Melbourne in due course and as part of a planned transition will resume his career in a senior executive role at Australia and New Zealand Banking Group Ltd (ANZ).
Meanwhile, AmBank Group stated that its managing director of wholesale banking, coverage, Pushpa Rajadurai, managing director of wholesale banking, products, Kok Tuck Cheong and group chief financial officer Mandy Simpson have existing contracts and will continue to serve the group in accordance with these contracts as normal.
However, the banking group didn’t elaborate on when their contracts will expire and whether they will be renewed.
Ashok joined AmBank Group from ANZ in 2007 as chief financial officer and has been group managing director since 2012.
AmBank Group chairman Tan Sri Azman Hashim said the group had made significant progress under Ashok’s leadership.
“This includes repositioning the AmBank brand internally and externally, upgrading our technology infrastructure and strengthening our strategic position.
“Importantly, Ashok’s presence has also deepened the ties between AmBank Group and ANZ, which continues to be a committed, long-term strategic partner for our bank.
“After eight years with AmBank Group, we are now at a natural point for a transition to a new group managing director and the board has kicked off a process of identifying a replacement,” he said.
The Edge Financial Daily wrote yesterday that a major shake-up at the top level of AmBank Group was on the cards as the banking industry braces itself for a tough 2015.
According to sources, the group will soon see the departure of Ashok, while Pushpa and Kok will also be leaving the group when their contracts expire.
AMMB (fundamental: 1.7; valuation: 3.0) closed 27 sen or 4.11% lower at RM6.30 yesterday, giving it a market capitalisation of RM19.8 billion.
KUALA LUMPUR: AMMB Holdings Bhd (AmBank Group) has confirmed that its group managing director Ashok Ramamurthy will be stepping down as part of a planned transition, reaffirming a report by The Edge Financial Daily yesterday.
In a statement to Bursa Malaysia, the banking group said it has also commenced the process of identifying a replacement for the position.
AmBank Group said Ashok will rejoin his family in Melbourne in due course and as part of a planned transition will resume his career in a senior executive role at Australia and New Zealand Banking Group Ltd (ANZ).
Meanwhile, AmBank Group stated that its managing director of wholesale banking, coverage, Pushpa Rajadurai, managing director of wholesale banking, products, Kok Tuck Cheong and group chief financial officer Mandy Simpson have existing contracts and will continue to serve the group in accordance with these contracts as normal.
However, the banking group didn’t elaborate on when their contracts will expire and whether they will be renewed.
Ashok joined AmBank Group from ANZ in 2007 as chief financial officer and has been group managing director since 2012.
AmBank Group chairman Tan Sri Azman Hashim said the group had made significant progress under Ashok’s leadership.
“This includes repositioning the AmBank brand internally and externally, upgrading our technology infrastructure and strengthening our strategic position.
“Importantly, Ashok’s presence has also deepened the ties between AmBank Group and ANZ, which continues to be a committed, long-term strategic partner for our bank.
“After eight years with AmBank Group, we are now at a natural point for a transition to a new group managing director and the board has kicked off a process of identifying a replacement,” he said.
The Edge Financial Daily wrote yesterday that a major shake-up at the top level of AmBank Group was on the cards as the banking industry braces itself for a tough 2015.
According to sources, the group will soon see the departure of Ashok, while Pushpa and Kok will also be leaving the group when their contracts expire.
AMMB (fundamental: 1.7; valuation: 3.0) closed 27 sen or 4.11% lower at RM6.30 yesterday, giving it a market capitalisation of RM19.8 billion.
